Crypto payments of Rs 2.2 cr busted; Linked to drug trafficking: Finance Ministry

Minister of State, Ministry of Finance, Pankaj Chaudhary said that the Narcotics Control Bureau, Central Board of Indirect Taxes and Customs have unearthed the payment of approx. Rs 2.2 crore through crypto-currency in 11 cases linked to drug trafficking.

During the Parliamentary proceedings on Monday, BJP MP from Vadodra, Ranjanben Dhananjay Bhatt sought clarity on the use of cryptocurrencies in drug trafficking and arms smuggling.

The BJP MP from Vadodra asked the Ministry of Finance, "Whether it is a fact that there is increasing use of cryptocurrencies/virtual currencies for drug trafficking and arms smuggling in the country; if so, whether the Government proposes to take concrete steps to check it?"

Moreover, Bhatt also asked, "If so, the details thereof along with the time by which steps are likely to be taken by the Government in this regard; and if not, the reasons therefor?"

Bhatt's queries were answered by State Finance Minister Pankaj Chaudhary. Chaudhary responded by quoting cryptocurrency busts by the Narcotics Control Bureau, Central Board of Indirect Taxes, and Customs.

The minister said, "Narcotics Control Bureau and Central Board of Indirect Taxes and Customs has unearthed the payment of approx. Rs. 2.2 crore through crypto-currency in 11 cases linked to drug trafficking."

Furthermore, he also explained the approach taken by the government to curb this menace. Chaudhary said, "Training for the field officers on cyber and forensic technologies," as well as "on collection of evidences through electronic means."

Apart from the trading sessions, "regular liasioning with technical experts and coordination with foreign drug law enforcement agencies" is also on the list of measures taken by the government to tackle this issue.